Euskaltel up for sale
Iñaki Ferreras ©RapidTVNews | 11-11-2011 Euskaltel’s three main shareholders headed by regional financier Kutxabank have put the Basque cable operator up for sale.
According to financial sources the CVC and Carlyle investment vehicles are the current leading interested parties as well as Euskaltel’s rival Galician cable operator R. Carlyle is the owner of the Telecable regional operator in the Northern region of Asturias.
The three Basque banks own 67% of Euskaltel and they will sell an important stake in order to fulfil European regulation designed to increase the capital stocks because of the current economic and financial crisis. In fact this was the main cause Liberbank asked Société Générale to sell of Telecable in September 2011.
Euskaltel grew 1% in 2010 and covers 13% of Spanish cable market with 2.6 million clients, so staying 2nd in the country's cable sector after Ono. But dragging thing sown is the fact that the Basque cable operator has a debt of €221.9 million owed to France Télécom.